Saturday, May 30, 2009

67 Tranquility Lane, Destin FL - Destiny East - Short Sale

Reminiscent of an Italian Villa, this luxurious Destin Florida home has expansive porches on three levels, high ceilings and travertine tile. Exterior find ivy-draped walls and pavered drive that greet with a refined air. Private yard with gas grill, outdoor shower, detached two car garage set to rear. Interior is opulent, with columns, fireplace, enormous kitchen, first floor office/den. Each level has its own sitting room and porches. Rinnai hot water heater, central vacuum system. Great views of the lake, walk across the street directly to the Gulf of Mexico. Destiny East has two tennis courts, work-out facilities, pool, playground and IMAX theater! Great location near Destin Commons, Fresh Market, shopping, restaurants! Short Sale. Offered at $599,000.

371 Maravilla Drive, Destin FL

371 Maravilla Dr., Destin Florida - Walk to Beach

Elegant appeal makes this beach home, called "Banana Wind" stand out! Convenient to pool, tennis and a short stroll to Gulf of Mexico waters. This Destin home has a very open floorplan, kitchen opens to living room, tile floors, high ceilings. Fun beach house decor. Second floor has generous front porch. Huge master with private balcony, two closets. Third bedroom with whirlpool bath, separate shower and huge walk-in closet. Additional bedroom on third floor, great hang-out room, two private balconies! Maravilla has a private, deeded beach, offers clubhouse, weight room, and hot tub. Short Sale.Offered at $549,000

Wednesday, May 27, 2009

Wendy Rulnick in Florida Realtor Magazine

The June 2009 issue of Florida Realtor Magazine references Wendy Rulnick, Destin FL Broker/Realtor of Rulnick Realty. Rulnick's article "22 Questions to Ask the Short Sale Lender" is called "impressive" and will help "ensure your transaction goes smoothly".

For short sale assistance on the Emerald Coast of Florida, call Wendy Rulnick, Destin real estate agent, to list and sell your home or condo or help you buy a home or rental property on the Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy is a short sale and pre-foreclosure specialist. She has won the coveted ADDY award for advertising, is a Certified Residential Specialist, Graduate of the Realtor Institute, Accredited Buyer Representative, and Certified Relocation Professional. Wendy has been a Realtor for 20 years. She is Broker/Owner of Rulnick Realty, Inc., centrally located to all the Emerald Coast in Destin Florida.

Sunday, May 24, 2009

New Spirit of Cooperation Among Agents - But Will It Last?

Remember the "old" days of selling real estate? When competitors didn't talk? When agents put themselves on pedestals? When they bragged about listings and sales? Or thought they had a "niche" no one could touch? Those days are over. The market has changed. Many real estate agents have been knocked down a peg or two, or left the business. In the "old" days, some agents wouldn't deign to show listings under certain price ranges, like under $300,000 or $200,000. Or they just limited themselves to certain towns- they wouldn't drive 25 minutes to show "regular" properties.

Now, no one is "too good". Everyone in this new economy has been affected by the down real estate market, job losses, home devaluations. And, I must say, they are a lot nicer for it. There is a new camaraderie, a humbling. In my last year of selling real estate on the Emerald Coast of Florida, I have made many new friends. We talk, share and discuss the market. We help get each other's listings sold. I don't mean from my office at Rulnick Realty, I mean from other COMPANIES in Destin and throughout the Panhandle. I regularly have conversations with other brokers about short sales, our multiple listing system, market statistics and ethics. I field phone calls from agents with questions about their own short sales- ones I have nothing to do with. In fact, many agents have referred short sale listings to me, or even their own properties for sale.

Yesterday, I closed on a listing referral I received from Mark A. DeSalvo of Newman-Dailey Resort Properties in Destin FL. He emailed me: "Great job! And you got the full asking price. You are the best." Mark's office is one street over from mine, and he sent a short sale listing to me.

Just this week, I sent a referral to Jimmie Greer, of Destin Beach Realty, for someone who was looking for a resort rental in Destin. I also received an email from an agent at Re/Max Paradise Properties in Destin asking for advice on her short sale. I listed a referral from Marno Wilson of JW Watts Properties for a Fort Walton Beach condo. I contacted Jayme Nabors, a commercial broker with NBI Properties, to send him a Niceville Florida business listing referral of one of my own sellers (no fee asked). That was just this week. This story has been repeated dozens of times in the past year.

There really is enough business to go around, as I wrote in How I Helped My Competition - On Purpose. On the Emerald Coast alone, there are over 13,000 listings for sale. I just hope this attitude of kindness and sharing can continue after the market normalizes.

Although we are competitors, as Mark DeSalvo said to me:"All us agents should be working toward the same goal of making the customer happy. It's a fun business when we have co-operation. It's what makes the world go around."

Saturday, May 23, 2009

Wrong Short Sale Info Ruins Destin Seller's Credit

Yesterday I received a phone call from an elderly seller who wanted to do a short sale. She had bought a waterfront condo in Destin four years ago, and paid over $800,000. Today, the unit is worth around $350,000. Mrs. Seller told me she had three "friend" investors convince her to buy, who promised to help with the payments. She put down $50,000 and her son put down $75,000, but she took the mortgage in her name alone. She told me the "investors" bailed, and had never made one payment. Mrs. Seller said she had "had enough" so needed to do a short sale. She stopped making her mortgage payments three months ago, and her lender was threatening foreclosure.Mrs. Seller is in her late 70's, in ill health and has had major surgeries recently. Her voice shook as she spoke with me. I told her I would send her my preliminary paperwork including a financial worksheet for her to fill out, as I could tell her medication was preventing her from speaking coherently.

Later on, she called back, asking how she could list the unit. I had not faxed her a listing agreement. I told Mrs. Seller, "I want to see if you have a hardship before we list as a short sale".

The conversation then proceeded like this:

Mrs. Seller: " Well, I don't have a hardship."

Wendy, shocked: "You have sufficient income to pay your bills?"

Mrs. Seller: "Yes"

Wendy: "You are including the payment for the condo?"

Mrs. Seller: "Yes"

Wendy: "You are not taking money out of savings or charging a credit card to make payments?"

Mrs. Seller: "No"

Wendy: "Then WHY did you stop making your mortgage payments?"

Mrs. Seller, sadly: "Someone told me I had to stop making payments, then I could do a short sale"

Wendy: "WHO TOLD YOU THAT?"

Mrs. Seller: "I don't remember."

Wendy: "Well, Mrs. Seller, it seems you don't have a hardship and you are probably not qualified to do a short sale."

Mrs. Seller: "OH NO, I've ruined my credit for nothing!"

This is a very sad story. An elderly person probably had a friend say they "heard" somewhere you had to simply stop making mortgage payments, then you "qualify" for a short sale! This is FALSE information. Banks have several criteria you must meet. And many banks have different rules. People, do not make serious financial decisions based on hearsay. Do your research! If you are contemplating a short sale. Contact your lender first, to see if they can help you. If not, find an experienced real estate agent who specializes in short sales. Check them out on the internet. Test their knowledge. Use caution.

Finally, don't make hasty decisions when it comes to your financial well-being. A short sale is a serious endeavor, and should not be entered into lightly. Know what you are doing before you proceed. Then go forward with a real estate agent you trust.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204Email Wendy to sell your home or buy a home: [email protected]Call Wendy Rulnick, Destin real estate agent, to list and sell your home or condo or help you buy a home or rental property on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy is a short sale and pre-foreclosure specialist and can help you sell or buy a short sale property in and around Destin Florida and the Emerald Coast.Subscribe in a readerSubscribe to It's Wendy's Blog by Email

Friday, May 22, 2009

Destin Condos - Sales Report

Is there a trend starting for the Destin Florida condo market?

1. There were 34 condo sales in Destin for April 2009. This figure is down from March, but there is no definite trend. Monthly sales volume decreaseed, as well.2. The average Destin condo list price is $420,397. This is down from $711,000 one year ago!3. The average Destin condo sold price was $375,739. This is down from $639,000 one year ago! But the sale price is up from January and February, and less the the March average.4. The price per square foot is down to $260, down from $346 one year ago.5. The median sold price for Destin condos is $297,500, the same as March.6. The percent sold to list price is about 89%, fairly stable over the past year.7. There are 1977 condos for sale in Destin, a slighty lower inventory level than one year ago, but not showing a strong downward trend.8. There is a 58-month inventory of condos for sale. That means, it would take almost five years to sell all the condos on the market at the current rate of sales. A "normal" market is 6-7 months inventory.

The bottom line is that no clear trend is emerging in the Destin Florida condo market. If you analyze the chart, some of the indicators have bounced around during the last few months. One of the major problems affecting Destin condos is the severe Fannie Mae guidelines for Florida. Condos with delinquency rates for homeowner assocation dues over 15% will be denied funding. Condos cannot have daily check-ins, so called "condotels". All projects must be approved by Fannie Mae, which can delay sales a month or more. Buyers must have 20-25% down. And on and on. The guidelines are shrinking the pool of buyers, and will no doubt have a continued negative affect on sales and prices, outside the normal market decline we have been experiencing.

Saturday, May 16, 2009

Eglin AFB and Hurlburt Field: HAP Program Gets DOD Directive

The Homeowner Assistance Program (HAP) for the military has just received the Department of Defense directive that will affect military PCS sellers who are upside down on their mortgages. I have published a series of updates on HAP, and this just-released update is summarized from the HAP website due to the urgent need for Eglin Air Force Base and Hurlburt Field airmen who have received orders:

Although DoD guidance has been established, we are unable to begin processing applications until we comply with rule making procedures established by the Administrative Services Act. District field offices are reviewing applications for compliance with DoD guidance and will notify applicants of eligibility as early as possible.Implementation Rules and Eligibility Criteria for American Recovery and Reinvestment Act (ARRA) Expansion of the DoD Homeowners Assistance Program (HAP)The overall goal of the HAP is to minimize the amount of financial harm, risk of foreclosure, credit damage, or bankruptcy experienced by servicemembers and DOD civilian beneficiaries when they are compelled to move in an unprecedented real estate market as a result of their service to the United States. In that vein, the following policies provide a solid basis for determining eligibility for the ARRA HAP expansion and ensure this effort is managed efficiently and successfully.

• As the second priority category, the new policy will expand the HAP BRAC benefit by removing the requirement that the homeowner show that the BRAC closure or realignment action was the cause of the drop in the value of the home.• The Department is also creating a temporary benefit for qualifying Permanent Change of Station (PCS) moves• In all cases, the benefit is for a primary residence only, and the benefit may only be used once.• Use Purchase Price as the Prior Fair Market Value (PFMV) for all beneficiaries, including BRACo Current Policy: PFMV is determined at the date of the BRAC announcement.o Description of Change: The BRAC announcement date is not relevant to many new HAP beneficiaries. The best equivalent PFMV is to use the purchase price of the home. For BRAC and PCS moves, the home must have been purchased prior to July 1, 2006.o Outcome: Avoids unnecessary claim costs because BRAC announcement date was near the peak of housing market and BRAC announcement date is no longer relevant.• Set the allowable Private Sale reimbursement to 90% of Prior Fair MarketValue for BRAC (non-causation) and PCS move beneficiarieso Current Policy: Prior HAP allows for 95% Private Sale reimbursemento Description of Change: Losses on private sales will be reimbursed at 95% of PFMV for Wounded Warriors and Surviving Spouses, as well as BRAC communities that can prove causation. It will be reduced to 90% of PFMV for all other beneficiaries.o Outcome: Communities that can show BRAC causation have an incentive to do so; reduces per-claim costs for BRAC (non-causation) and PCS moves; maximizes assistance to the fullest extent for Wounded Warriors and Surviving Spouses, and makes overall policy consistent with 10% individual loss eligibility threshold.• Government acquisition (or mortgage payoff) will be 75% of PFMV for all beneficiaries (except Wounded Warriors/civilians and surviving spouses) who have made reasonable efforts to market their home and cannot sell under reasonable terms and conditions. Wounded Warriors, wounded civilians, and surviving spouses who cannot sell under reasonable terms and conditions will receive 90% of PFMV.o Current Policy: Government acquisition is 75% of Prior Fair Market Value.There is no standard level of effort a homeowner must make before the government acquires a home or pays off the outstanding mortgage.o Description of Change: While statute allows purchase up to 90%, current policy limits government acquisition to 75% of PFMV. Only wounded warriors, wounded civilians, and surviving spouses would receive the full 90% of PFMV for government acquisition of their houses. As previously noted, losses from private sales will be reimbursed up to 95% of PFMV for wounded warriors, wounded civilians, and surviving spouses. These changes also strengthen current policy by specifying government acquisition is allowed only if applicant is not able to sell home after 120 days of marketing it at a price level deemed appropriate for its local market circumstances by the US Army Corps of Engineers, and therefore the applicant is in danger of foreclosure.o Outcome: Prior HAP experience with government acquisition of homes has shown significant maintenance costs from acquired homes and resulted in reduced HAP resources being available to pay other applicant claims. Incentives have been built into the existing HAP program over time to favor private sales rather than government acquisition. Strengthening current policy discourages government purchase of homes and costly carrying expenses. It also allows HAP resources to go further and assist more applicants.• Cap the Maximum Home Purchase Price as an eligibility thresholdo Current Policy: There is no maximum home value established for a beneficiary receiving a HAP benefit.o Description of Change: Links the maximum cap to the 2009 Fannie Mae/Freddie Mac Conforming Loan Limits (as amended by the ARRA of 2009), which range from $417,000 to $729,750 (depending on county or Metropolitan Statistical Area). The 2009 Conforming Loan Limits would apply to all homes in the program from FY 2006 to FY 2012.o Outcome: Prevents taxpayers from ‘bailing out' million-dollar homes, but is adjusted by region to account for cost variations.4• Claims Processingo For BRAC or PCS moves, the ARRA requires that home must have been purchased before July 1, 2006.o For BRAC moves to be eligible, the property must be sold by September 30, 2012.o For PCS claims to be eligible, the home sale must result from PCS orders issued on or before December 31, 2009, and the application must be recieved by March 31, 2010.o Outcome: These policies are designed to ensure that regardless of when a claim arrives, there will be sufficient resources available for Wounded Warrior, wounded civilian, and Surviving Spouse claims, as well as for BRAC claims (most of which will occur in FY 2010 and FY 2011).• Pay PCS claims for home sales resulting from PCS orders issued by December 31, 2009, or until available ARRA resources are depleted.o Outcome: Uses allowable statutory authority under the ARRA to set an end date for the PCS portion of expansion program based on projections of when the available funding will be depleted. The PCS home sale deadline will be reviewed as initial claims are processed and can be extended, if resources allow, based on a close monitoring of claims payment history.

Countrywide Short Sale Approval Letter Threatens Deficency Pursuit

Have you seen the new Bank of America/Countrywide short sale approval letter? It is sending shockwaves to unsuspecting short sale sellers.

The key statement of concern is Bank of America "may pursue a deficiency judgment for the difference in the payment received and the total balance due..." There are two contradictory elements in the demand letter:

1. The letter states that Bank of America has "agreed to accept a short payoff". Now, how can they "accept" a short payoff, then state they "might" collect the rest? They either are or are not.

2. It states "there may be tax consequences for entering into a short sale". Again, the statement concedes it is a "short sale", and alludes to the 1099-C, where cancelled debt is reported to the IRS. Either the debt is cancelled or it is not. Why would Bank of America reference short sale tax consequences if they were, in fact, collecting all the debt?

Neither contradiction supports their reference to collect the deficiency in the future. Since I have had several concerned sellers who have received this approval letter, I emailed a Bank of America escalation negotiator to get their explanation. Here is what they said:

Countrywide/Bank of America cannot remove the deficiency verbiage from the approval letter. We must reserve the right to collect the unpaid balance of the loan for the benefit of our investors and mortgage insurance companies that insures payment on the loan. The purpose of the short sale letter is to properly disclose this to the borrower so they may consider all of their options with respect to their mortgage loan.In my experience with short sales, I have never know anyone to pursue the deficiency once the short sale has closed.

So, how can you alleviate concerns when receiving this letter? Of course, talk to your attorney if you do not feel comfortable, but consider the alternatives if you do not accept the short sale. Deed-in-lieu of foreclosure, which will produce the same deficiency, and be worse on future borrowing ability? Or foreclosure, with severe future borrowing constraints, liabilities and consequences? None of the choices are that palatable, but short sale is still clearly your best option.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204Email Wendy to sell your home or buy a home: [email protected]This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information.

Tuesday, May 12, 2009

HAP Update: Eglin AFB and Hurlburt Field

Since writing Eglin AFB and Hurlburt Field: Homeowner Assistance Program (HAP) for Short Sales, more information has come to light. Or lack of thereof! I have received numerous calls and emails looking for clarification on how the program will be implemented, and how it will affect PCS sellers (military relocation term meaning "permanent change of station"). Currently, the issue is there is no directive from the Department of Defense as to how to process HAP applications, nor many program specifics. My area, from Navarre to Destin, Florida and up through Niceville and Crestview has approximately 3000 airmen relocating to other bases around the country and the world. Many of those airmen purchased homes during 2004-2006, and do not have enough equity to sell their houses when they must relocate and pay off their mortgage balance. HAP is supposed to help, but as of yet, there is no help.

There is no true timeframe by which the DOD directive with program details will be published.Rumor is at the end of May, but it is far from confirmed.Applications can not be "processed" at this time, but you can mail one in.HAP will not buy homes.

When the DOD directive is implemented, he said:Qualified military members may sell their homes at market value or 90% thereof.At time of contract, use a 90 day closing date, HAP will try for sooner.Make the offer contingent on HAP approval.When a contract is entered into, call your HAP district for instructions.

Additionally, I inquired by email and received this communication from HAP Realty Specialist, B.M. Reed, summarized and with emphasis added:

Ms. Rulnick,

The Department of the Army, in coordination with the other military departments, is in the process of finalizing implementation guidance for the expanded HAP, including determining eligibility, restrictions, and disqualifications.

Based on the current HQ timeline for review and official approval of the guidance, it may not be until late May before the implementation guidance is at district level. When the implementation guidance is issued, it will be published on the official HAP website, which can be found at http://hap.usace.army.mil/Unfortunately, without the referenced implementation guidance any attempt to provide detailed information on the Stimulus Bill HAP eligibility, disqualifications, benefits, or how benefits will be calculated would be merely speculation.

Under this program the Government might be able to reimburse applicants part of the loss from selling their home (private sale benefits) or assist applicants if they do not have enough proceeds from the sale of the home to pay off the mortgage at Closing (private sale augmentation). Benefits may be based on the difference between the prior fair market value (PFMV) of the property and the current fair market value (CFMV). The PFMV may be determined by an appraisal effective 1 July 2006, or possibly the purchase price of the property might be used; the CFMV may be determined by the appraised value at the time of sale or possibly the selling price itself. The Government could pay an amount up to a stipulated percentage of the difference between the two figures used for the computation.

Again, guidance has not yet been published so a completely different scenario might be used to compute benefits.

The term 'private sale augmentation' merely means when an applicant's benefit payment is brought by the Government to a Closing in order to assist the applicant with the payoff of a mortgage and typical seller closing costs so that the sale can be finalized. In order to be eligible for a private sale augmentation, an applicant must maintain current payment status on his/her mortgage from the time an application is submitted through Closing.

While the implementation guidance is being finalized, potential applicants are free to apply now by visiting the HAP website to fill out, print and mail in an application to the appropriate district for the area in which the property in question is located. Instructions on how to apply can be found at http://hap.usace.army.mil/HowToApply.html I've attempted to provide you some information as best I can without having yet received implementation guidance on the program from the DOD. What information there is available on the Stimulus Bill HAP (ARRA) can be located on the Army's official HAP website at http://hap.usace.army.mil/. There is wealth of information under the section of FQAs at http://hap.usace.army.mil/FAQs.htmlB. M. Reed, Realty SpecialistHAP Section, Acquisition Branch, Real Estate Division (RE-HA)US Army Corps of EngineersPO Box 889Savannah, GA 31402-0889

What a predicament for relocating servicemen. How can you put a home on the market contingent on HAP approval, unless you get a buyer willing to wait with no closing date? What if you have already changed bases and cannot continue to make mortgage and/or rent payments in both locations? According to HAP, you must stay current on your mortgage payments to qualify for the program.

I encourage servicemen to contact their state and federal representatives to hasten a resolution of the HAP quandary. Meanwhile, stay tuned for the latest updates.

Wednesday, May 6, 2009

Countrywide/Bank of America Short Sale Closing Costs

As a short sale listing agent in the Destin Florida area, I tend to get the same type of offer again and again. The buyer asks for all closing costs to be paid by the short sale lender. So, on the most recent offer on one of my short sale listings, of course the buyer's agent pressed for having Countrywide, now Bank of America, pay all the closing costs. I have been through this numerous times before. The agent tells me they "had one case" where all the costs were paid. Or they say they "heard" the short sale lenders would cover all the costs if the offer price was raised. I have to always leave the final decision to my seller, but I recommend against going down this path.

To placate this agent, I emailed my favorite Bank of America negotiator, specifically asking what closing costs would be paid. This is her response:"We pay all outstanding property taxes, commission (amount depends on loss and investor), $3,000 to any outside 2nd lien, settlement or escrow fee, title insurance, doc stamps. We typically do not pay any miscellaneous type fees (wire, courier, admin, doc prep, notary, home warranty, etc.). All fees are negotiable depending on the loss and investor and is up to each individual negotiator as to what fees will be paid. It is also at management's discretion when a decision is made."

At the insistance of the buyer's agent, who asked if the buyer could increase his offer price to "cover" more closing costs, the Bank of America negotiator said: "No, they usually still will not pay those items."

99% of the time, if you submit a short sale offer asking for all the closing costs to be paid, you will get rejected or countered. Why waste sixty to ninety days for nothing? Submit a good offer, one that you know can get approved, and increase your chances of short sale success.

Saturday, May 2, 2009

Navarre Florida Short Sale

9478 Parker Place Dr., Navarre, FL 32566

This is a huge Navarre Florida home at 2455 square feet! Very open floorplan, big living spaces! Cathedralled living room is punctuated by fun kitchen with red wall. Corner fireplace. Master bathroom with separate shower and huge tub. Total four bedrooms! Attractive patio. This home in the Parker Place neighborhood is a few minutes away from the air force base at Hurlburt Field and the beaches of the Emerald Coast, Navarre Beach! Shopping choices include the Santa Rosa Mall, and a ride over to Pensacola will bring many more stores. Short sale offered at $225,000.

1814 Pointed Leaf Lane, Fort Walton Beach Short Sale

This Fort Walton Beach townhome, near Lewis Turner and Beal Parkway has a pleasant layout, with open floorplan. Living room open to kitchen. One of the bedrooms has its own balcony. Fenced back yard, plus garage! 1329 square feet, 2 bedrooms. This townhome is a short sale, convenient to Eglin Air Force Base, Hurlburt Field, Santa Rosa Mall, and of course, the gorgeous Emerald Coast beaches. Offered at $119,900.

Properties also for sale individually, but seller has discounted this price if sold together. For separate purchase of 1.5 acre piece, price is $449,000. Half-acre parcel and shop is $225,000.Both parcels purchased together are offered at $649,000.

I have a home listed for short sale in Fort Walton Beach, Florida. The property was a primary residence, and the seller lost his job and relocated to another state to find work. He is also in the midst of divorce proceedings. During the listing period the seller was advised by his attorney to file for bankruptcy. Subsequently, we received an offer for the property. During the time period, the seller was unclear about the status of his property.

I called Citi, the short sale lender, to find out if they would entertain a contract even though the seller was going to file for bankruptcy. Citi said, "Yes", we could proceed, and he could still sell his property. Citi assigned the file to a negotiator, ordered the BPO, and requested further documents from my seller.

A few weeks later, Citi abruptly emailed me and said they could not take further action, as the house was now part of the bankruptcy proceeding. I found it odd that initially Citi said to "go forward" with the short sale, then several weeks later mysteriously said they could not help. I made numerous phone calls through the Citi phone loop, and finally got a department who told me that they needed an "order by the bankruptcy court" stating they could proceed. So, I called my seller who called his attorney. The attorney provided the contact information for the court-appointed Bankruptcy Trustee.

I called the trustee, who was a magnificent help. He said that since the property had no equity, the court did not want it- there was nothing to divvy up amongst the creditors. He said that after the bankruptcy the property would go back to my seller, anyway, and he would be happy to help me and release it now. So he is sending me paperwork to proceed with "Abandonment"of the property from the bankruptcy court. If there is no objection to the abandonment within 15 days, the property will be free to short sell. Otherwise when case closes it will be deemed abandoned by law, anyway, and go back to my seller. The trustee also mentioned that Citi could have asked for "abandonment" to continue foreclosure, and had started to do so, but had "dropped the ball". Perhaps that is why Citi initially started the short sale, then stopped in the middle.

The happy ending is that the young lady who has been waiting to purchase her new home will likely be rewarded for her patience, and my seller will have prevented a foreclosure.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204Email Wendy to sell your home or buy a home: [email protected]Call Wendy Rulnick, Destin real estate agent,to list and sell your home or condo or help you buy a home or rental property on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy is a short sale and pre-foreclosure specialist and can help you sell or buy a short sale property in and around Destin Florida and the Emerald Coast.